Soybeans are experiencing gains of 2 to 5 cents on Monday, following losses of 6 to 9 cents on Friday. The August soybean futures dropped by 51¼ cents this week, while November fell by 42 cents from last Thursday’s close. The cmdtyView national average cash bean price decreased by 7¾ cents to $9.64¼. Additionally, there were 198 delivery notices for July soybean meal as of this weekend.
Weather forecasts predict widespread rainfall in the Corn Belt this week, with expectations of at least 1 inch, and up to 2-3 inches in the Central Corn Belt. Recent CFTC data indicates managed money shifted to a net short position of 6,216 contracts as of July 8th, a change of 6,641 contracts from a previous net long position. USDA’s WASDE update on Friday reflected a 15 mbu increase in 2024/25 US export figures, with adjustments leading to a projected carryout increase to 310 mbu.
Chinese soybean imports for June reached a record 12.26 MMT, although still lower than May’s 13.92 MMT. Meanwhile, Safras & Mercado estimates Brazil’s 2025/26 soybean crop at 179.88 MMT, higher than the USDA’s estimate of 175 MMT, alongside projected acreage increases.
